Wie die Raiffeisenbank, vor allem als Motor die USAID -AAEF Mafia Geldwasch Bank> American Bank of Albania, war auch die Alpha Bank in grosse Real Estage Betruegereien rund um Geldwaesche ohne Ende, seit 10 Jahren ueberall beteiligt und nicht nur in Albanien.
EINFACH UNFASSBAR!!! Hypo Alpe Adria - GANZ WICHTIG ab 1h 06min. 30sec. !!! - 22.05.2014 in Wien :: für 77 % hätte die Raiffeisenbank für die Schulden letztendlich gehaftet, also von 17 Milliarden € Banken Betrug und Verlusten
Kurz gesagt, ist diese Bank, eigentlich seit Jahren Bankrott!
- Alpha Bank's board to meet in last week of March
-- Eurobank says decision doesn't reflect facts
-- New merger attempts likely after bank's recapitalization - analyst
(Adds detail, Eurobank reaction and background throughout.)
By Alkman Granitsas, Stelios Bouras and Nektaria Stamouli
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--Alpha Bank AE (ALPHA.AT), Greece's third-largest lender by assets, said Wednesday that it will scrap merger plans with cross-town rival EFG Eurobank Ergasias SA (EUROB.AT), after the country's debt-restructuring plan torpedoed the deal.
In a filing to the Athens stock exchange, Alpha said it had already communicated with the management of Eurobank informing it of its intentions and will call a meeting of shareholders in coming weeks to formally rescind the agreement. Alpha's board is now expected to convene in the final week of March to specify the date of the shareholders' assembly, which is likely to take place a few weeks later.
The collapse of the merger represents the latest in several failed attempts at consolidation in the Greek banking sector that many government officials and analysts feel is needed in order for local lenders to withstand mounting problems that include huge losses arising from Greece's debt restructuring and soaring non-performing loans in Greece's recession ravaged economy.
Greek banks are facing losses of around EUR30 billion after Greece's government implemented a massive EUR100 billion debt write-down aimed at easing the country's public sector debt burden.
Under the terms of the debt deal, private sector creditors will waive 53.5% of the principal on the bonds after swapping their old bonds with new ones, worth less than half the face value of the original bonds and carrying lower coupons. All told, the banks are facing losses of around 73% on their bond portfolios on a net present value basis.
Those losses will deal a sharp blow to the banks' capital adequacy, and may drive them to seek government bailouts to meet regulatory capital requirements. Depending on the size of the bailout, many of the banks fear they will wind up majority-owned by the Greek state.
To minimize the amount of money they would have to seek from the Greek government, lenders such as National Bank of Greece SA (NBG) and peer Piraeus (TPEIR.AT) have been buying back some of their outstanding bonds to improve their capital position. Lenders have also said they will sell off foreign subsidiaries in a bid to raise much-needed cash.
In what was originally seen as a proactive approach to the challenges facing the sector, Alpha Bank and Eurobank announced last summer that they would merge to create the largest banking group in Greece and Southeast Europe, and one of the largest in the euro zone.
The deal foresaw also EUR500 million investment from a Qatari investment fund, already a minority stakeholder in Alpha, and billions of euros worth of synergies.
But faced with ever-deeper losses from Greece's debt restructuring, Alpha's management began to have doubts about the merits of the tie-up.
In late January, Alpha Bank, which holds a much smaller portfolio of Greek government bonds than Eurobank, froze the merger process and indicated that Greece's debt-restructuring plans could overturn the benefits for the merger.
"By that time [late January], the market understood that the merger was typically over," said Dimitris Haralabopoulos, an analyst at HSBC. "Apparently, Alpha Bank considered that the much higher debt write-down plans that were reported at that time changed the plans it had when it first considered the merger."
Indicative of the breakdown in communications between Alpha and Eurobank, the latter responded Wednesday by saying that Alpha's decision doesn't reflect the facts and will result in the loss of more than EUR4 billion of synergies.
"This at a time where banking institutions are being forced to boost their capital base on a large scale," it said in a statement.
Analysts say Greece has too many banks with each of the big lenders maintaining networks that overlap each other, but nevertheless don't expect any further moves to hook up in coming months.
"The banks' recapitalization is going to take place shortly, so it's highly unlikely to see another merger attempt until September," said Panagiotis Kladis, an analyst at investment services company National P+K.
Stocks in Athens rose after the announcement, but the the banking sub-index dipped 2% after initially gaining ground. Alpha Bank dropped 2.8% while Eurobank shed 3%.
- By Alkman Granitsas, Stelios Bouras and Nektaria Stamouli, Dow Jones Newswires...
http://online.wsj.com/article/BT-CO-20120314-711118.html
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